So, we’re into April, but March Madness is still going strong. I’m a huge basketball fan. I played a lot of basketball growing up. Most people don’t realize this until they meet me in person, but I’m actually really tall—I’m 6’5”. Growing up playing team sports, I’ve always appreciated a team approach. In the spirit of March Madness, which is now in the Final Four weekend, let’s talk about a team approach.
When I worked in public accounting, I had a supervisor and mentor who used to always say, “Teamwork makes the dream work.” It’s a catchy slogan, kind of funny, but there’s a lot of truth to it. As an asset protection and tax planning attorney, teaming up is crucial to success. So, who do I team up with? Pretty much everyone who’s part of the client’s financial and legal picture.
First, the client. There has to be a strong team dynamic between me and the client. We need to have open communication and a clear understanding of their goals and concerns to put together an estate plan that truly works for them.
Then there are CPAs. Tax planning is a big part of what I do, so teaming up with CPAs is essential. They have insights into the client’s financial situation, income, and tax liabilities that are crucial for effective planning.
Financial advisors are also key players. They help ensure that the estate plan aligns with the client’s financial goals, investments, and long-term wealth management strategies.
Other attorneys are part of the team, too. Depending on the client’s situation, they may need corporate or business law advice, intellectual property protection, or family law guidance. If they have business interests, bringing in their corporate attorneys is key. For intellectual property, I team up with IP attorneys to make sure that these valuable assets are protected.
Insurance agents are another critical part of the team. Life insurance, business insurance, and other forms of coverage are essential elements of a comprehensive estate plan. Working with insurance agents helps ensure that the client’s insurance policies are structured in a way that complements their estate and asset protection strategies.
For business owners, we might also work with business coaches and exit strategy consultants. Planning for succession or an exit strategy is crucial, and teaming up with consultants who specialize in these areas helps create a seamless plan for transitioning the business when the time comes.
When advisors operate in silos and just hand the client off to the next person, things can get messy. Communication breaks down, strategies don’t align, and the client’s plan can fall apart. But when everyone—CPAs, financial advisors, attorneys, insurance agents, and consultants—comes to the table together, it creates a seamless transition for the client. It’s a win-win because it not only serves the client better but also allows the advisors to learn from one another and improve their own practices.
So, in the spirit of teamwork and March Madness, I really encourage everyone involved in estate planning, asset protection, and financial advising to adopt this collaborative approach. It makes all the difference in creating a comprehensive and effective plan for the client.
